Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-07-29
TRADE OF THE WEEK.
DUS s. CO.'S REPORT OF THE
BUSINESS or THE COUNTRY.
Trade Fair, Crops Excellent Iron Trade
Flourishing, but the Baltimore
and Ohio Deal Disturbs
Wall street.

ana ONO Deal DtstuEb5
Wall street.
NEW YoRK, July 23-The weekly review
of trade sent out by r., G.. Dunn Il Co. says
that with business progressing well through
out the country, crop prospects excellent,
iron production larger than ut any previous
period and money in abundant supply Wall
street is disturbed because n dream it has
been chasing for months suddenly fades
away, and Mr. Garrett announces the failure
of Mr.. Ives to buy the Baltimore and Ohio
The incident illustrates the weakness of Wall
street rs barometer. For four months the
street has been discountng the benefcent re-
suits OF this expected "settlemcnt' and all
sorts of purchases, loans, commitments and
calculations have been based thereon. But
for these the retention of the Baltimore and
Ohio by its old owners would disturb nobody.
But now litigation, involving the value of
many properties, directly and Indirectly,
has been commenced and may overcloud
them with uncertainty for some time and
meanwhile no one wants to buy share in a
lawsuit
Wheat at S19l for No. 2 red winter in July
y lower than it has been before in that month
for more than forty years, and close to the
lowest price for that period in any month.
This is the direct result of a speculation
which drew many million bushels from
farmers hands, where cost of CARRYING
was nothing, into the hands of dealers who
are anxious to unload before new wheat
comes. The 20, 0OOO 900 bushels in a few ee-
vators are heavier than 5O.0O00O0 bushels
would be i'll farmers bins Small purchases
from farmers for some time to come are prob
able, and the consequent delay in demand for
money to use in crop moving may possibly
be helpful.
Prices generally are low, in spite of many
speculations AS evidence of the absorption
of floating capital in fixed forms, and its eff
feCts, it may be stated that the same quanti-
ties of articles, representing nine-tenths of
the aggregate consumption of the country,
which could have been bought year ago for
800. would now cost only about SlU0.3O, and
they were not per cent higher in January
last. SO small change in prices, after an
expansion Of sos O00. 900 during the year in
circulation, is surprising. Cotton is tend
ing downward, with liquidations following
several important failures, but goods are
comparatively scarce and prices well main
tanned Wooens are as usual unsatisfactory,
foreign competition at low prices combining
with slack demand for goods to discourage
producers. But some kinds of iron and steel
| look stronger, though the market for steel
| rails seems less firm. A sale of 5000 tons
| Bcssemer iron at above $50 is reported, and
at the same time n large sale of rails for
Pacific delivery at prices below current quo
| tations. The official bulletin of the Iron and
Steel association makes the production for
the half year SOL 500 tons, and reports. con-
trary to expectation, slight increase in
stocks of unsold iron, making the consump-
ton 1900 tons less than productions and i'm
ports.
| Reports from all parts of the country are
uniformly favorable as to state of trade for
thu season, and collections are reported good
or fair at all points save two. The crop
prospects are also pronounced more favora-
| Bile, though the extent of damage done by
drought and insects cannot be exactly deter
mined. One feature in current reports that
should be noticed is that the south actually
made less iron by II, 900 tons in the first half
of 1887 than in the last half of 1856 notwith-
standing all the expansion of facilities widely
| heralded, and there are signs of abatement
of real estate enthusiasm at some western
points. Failure to enforce the interstate act,
as was expected, results in disappointment to
some localities; but the volume of exchanges
and the returns of railroad earnings show
that business is, on the whole, larger than a
year ago.
Anxiety about the supply of money for the
fall revives discussion of treasury operations,
but indications are that no purchase of bonds
will be made if it can be avoided. The treas
ury has taken in So 100000 more than it
has paid out during the past week
$4,000 gold, s600,000 silver and $780,
900 legal tenders-but large disbursements
are expected about Aug. /. Exports i'm
prove, for three weeks having exceeded last
years 10y per cent, against the increase of
1876 yer cent. in imports. Foreign exchange
tends upward, however, and some sales of
securities on foreign account are reported.
The course of stock has indicated hesitation
and weakness, and the narrow bank reserves
for the season affect with tmidity most
speculative markets.
The business failures occurring throughout
the country during the last seven days mum
Der for the United States 147 and for Canada
p, or a total of 172 as com pared with a total
Of 10 last week, and l5i the week previous
to the last. For the corresponding week of
last year the figures We're: United States, 1853;
Canada, 20; total, 1s3.